XML 14 R2.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues from contracts with customers [1] $ 791.0 $ 564.5 $ 1,369.1 $ 2,185.5
Other revenues 12.7 12.9 23.9 22.5
Operating revenues 803.7 577.4 1,393.0 2,208.0
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE 393.3 200.0 649.0 1,546.8
OPERATING EXPENSES        
Other operation and maintenance 118.1 119.2 233.1 228.5
Depreciation and amortization 111.6 102.9 219.0 201.6
Taxes other than income 24.1 25.8 52.2 53.0
Operating expenses 253.8 247.9 504.3 483.1
OPERATING INCOME 156.6 129.5 239.7 178.1
OTHER INCOME (EXPENSE)        
Equity Securities, FV-NI, Gain (Loss) (39.6) 0.0 242.7 0.0
Equity in earnings of unconsolidated affiliates 0.0 33.5 0.0 86.7
Allowance for equity funds used during construction 0.9 1.6 2.2 2.9
Other net periodic benefit expense (2.7) (1.3) (12.1) (2.7)
Other income 21.9 6.3 44.5 9.3
Other expense (8.4) (6.7) (13.6) (8.7)
Net other income (27.9) 33.4 263.7 87.5
INTEREST EXPENSE        
Interest on long-term debt 39.5 37.8 78.9 76.2
Allowance for borrowed funds used during construction (0.9) (0.7) (2.1) (1.5)
Interest on short-term debt and other interest charges 3.8 2.8 5.7 4.6
Interest expense 42.4 39.9 82.5 79.3
INCOME BEFORE TAXES 86.3 123.0 420.9 186.3
INCOME TAX EXPENSE 13.2 10.1 68.3 20.7
NET INCOME $ 73.1 $ 112.9 $ 352.6 $ 165.6
BASIC AVERAGE COMMON SHARES OUTSTANDING 200.2 200.2 200.2 200.1
DILUTED AVERAGE COMMON SHARES OUTSTANDING 200.7 200.4 200.6 200.2
BASIC EARNINGS PER AVERAGE COMMON SHARE $ 0.37 $ 0.56 $ 1.76 $ 0.83
DILUTED EARNINGS PER AVERAGE COMMON SHARE $ 0.36 $ 0.56 $ 1.76 $ 0.83
Other Comprehensive Income (Loss), Net of Tax $ 0.9 $ 0.7 $ 8.7 $ 4.2
Comprehensive Income (Loss), Net of Tax, Attributable to Parent 74.0 113.6 361.3 169.8
OG&E [Member]        
Revenues from contracts with customers 791.0 564.5 1,369.1 2,185.5
Other revenues 12.7 12.9 23.9 22.5
Operating revenues 803.7 577.4 1,393.0 2,208.0
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE     649.0 1,546.8
OPERATING EXPENSES        
Other operation and maintenance     233.8 228.6
Depreciation and amortization     219.0 201.6
Taxes other than income     50.1 50.7
Operating expenses 253.2 246.2 502.9 480.9
OPERATING INCOME 157.2 131.2 241.1 180.3
OTHER INCOME (EXPENSE)        
Allowance for equity funds used during construction 0.9 1.6 2.2 2.9
Other net periodic benefit expense (1.8) (1.2) (3.2) (2.1)
Other income 1.0 1.1 2.2 2.8
Other expense (0.4) (0.3) (0.8) (0.7)
Net other income (0.3) 1.2 0.4 2.9
INTEREST EXPENSE        
Interest on long-term debt 38.6 37.4 77.1 75.8
Allowance for borrowed funds used during construction (0.9) (0.7) (2.1) (1.5)
Interest on short-term debt and other interest charges 2.1 1.2 3.0 2.0
Interest expense 39.8 37.9 78.0 76.3
INCOME BEFORE TAXES 117.1 94.5 163.5 106.9
INCOME TAX EXPENSE 16.4   23.8 10.6
NET INCOME 100.7 85.1 139.7 96.3
Other Comprehensive Income (Loss), Net of Tax 0.0 0.0 0.0 0.0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent $ 100.7 $ 85.1 $ 139.7 $ 96.3
[1] In February 2021, Winter Storm Uri resulted in record winter peak demand for electricity and extremely high natural gas and purchased power prices in OG&E's service territory. Operating revenues for the six months ended June 30, 2021 significantly increased due to increased fuel, purchased power and direct transmission expenses, which are generally recoverable from customers, as a result of Winter Storm Uri. For further discussion, see Note 14 and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation."